Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Planet Fitness, Inc. (PLNT)

Company Dividend Discount ModelIndustry: LeisureSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$412.58 - $486.09$455.54
Multi-Stage$264.01 - $289.82$276.67
Blended Fair Value$366.11
Current Price$103.80
Upside252.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.060.000.000.000.000.000.000.022.011.66
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%-100.00%-98.83%20.92%0.00%
Dividend Yield--0.06%0.00%0.00%0.00%0.00%0.00%0.00%0.06%10.43%10.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)205.80
(-) Cash Dividends Paid (M)1.17
(=) Cash Retained (M)204.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.1625.7215.43
Cash Retained (M)204.63204.63204.63
(-) Cash Required (M)-41.16-25.72-15.43
(=) Excess Retained (M)163.47178.90189.19
(/) Shares Outstanding (M)84.2084.2084.20
(=) Excess Retained per Share1.942.122.25
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share1.942.122.25
(=) Adjusted Dividend1.962.142.26
WACC / Discount Rate3.45%3.45%3.45%
Growth Rate5.50%6.50%7.50%
Fair Value$412.58$455.54$486.09
Upside / Downside297.48%338.86%368.30%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)205.80219.18233.42248.59264.75281.96290.42
Payout Ratio0.57%18.46%36.34%54.23%72.11%90.00%92.50%
Projected Dividends (M)1.1740.4584.83134.81190.92253.77268.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.45%3.45%3.45%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)38.7339.1039.47
Year 2 PV (M)77.7979.2780.76
Year 3 PV (M)118.37121.77125.23
Year 4 PV (M)160.53166.71173.06
Year 5 PV (M)204.32214.19224.44
PV of Terminal Value (M)21,629.7322,674.4523,759.16
Equity Value (M)22,229.4723,295.4824,402.11
Shares Outstanding (M)84.2084.2084.20
Fair Value$264.01$276.67$289.82
Upside / Downside154.35%166.54%179.21%

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